The post-closing trial balance of Cullumber Corporation at December 31, 2022, contains the following stockholders' equity accounts. Preferred Stock (14,800 shares issued) Common Stock (254,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings 1. 2. 3. 4. 5. A review of the accounting records reveals the following. 6. 7. 8. 9. $740,000 10. 3,810,000 254,000 398,000 381,000 851,590 No errors have been made in recording 2022 transactions or in preparing the closing entry for net income. Preferred stock is $50 par, 6%, and cumulative; 14.800 shares have been outstanding since January 1, 2021. Authorized stock is 19,800 shares of preferred, 508,000 shares of common with a $15 par value. The January 1 balance in Retained Earnings was $1,160,000. On July 1, 18,600 shares of common stock were issued for cash at $18 per share. On September 1, the company discovered an understatement error of $90,300 in computing salaries and wages expense in 2021. The net of tax effect of $63,210 was properly debited directly to Retained Earnings. A cash dividend of $381,000 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2021. On December 31, a 10% common stock dividend was declared out of retained earnings on common stock when the market price per share was $18. Net income for the year was $593,000. On December 31, 2022, the directors authorized disclosure of a $192,000 restriction of retained earnings for plant expansion. (Use Note X.)

Question 9 of 10 CULLUMBER CORPORATION Partial Balance Sheet Compute the allocation of the cash dividend to preferred and common stock. Allocation of the cash dividend to preferred stock Allocation of the cash dividend to common stock eTextbook and Media List of Accounts Reproduce the Retained Earnings account for 2022. (List items in order presented in the problem.) The post-closing trial balance of Cullumber Corporation at December 31,2022, contains the following stockholders' equity accounts. A review of the accounting records reveals the following. 1. No errors have been made in recording 2022 transactions or in preparing the closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative; 14,800 shares have been outstanding since January 1,2021. 3. Authorized stock is 19,800 shares of preferred, 508,000 shares of common with a $15 par value. 4. The January 1 balance in Retained Earnings was $1,160,000. 5. On July 1,18,600 shares of common stock were issued for cash at $18 per share. 6. On September 1, the company discovered an understatement error of $90,300 in computing salaries and wages expense in 2021. The net of tax effect of $63,210 was properly debited directly to Retained Earnings. 7. A cash dividend of $381,000 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of retained earnings on common stock when the market price per share was $18. 9. Net income for the year was $593,000. 10. On December 31,2022 , the directors authorized disclosure of a $192,000 restriction of retained earnings for plant expansion. (Use Note X.)